The Shiba Inu (SHIB) prominence has been growing since its launch in 2020. The cryptocurrency is proving to be a worthy competitor to Bitcoin, and it will be interesting to see which direction it takes in the coming years. According to CoinMarketCap, Shiba Inu’s value surged 49 percent to $0.00003389, with a market cap of just over $18.5 billion. If you’ve been tracking its performance on the internet, you must have come across the debate and speculation about whether SHIB’s price will hit the $1 mark. So, could this really happen? Here’s Shiba Inu coin price prediction 2022.
- What Is Shiba Inu?
The Shiba Inu (SHIB), according to the company website, is an entirely secure and decentralized meme coin. A meme coin means it was entirely inspired by a ‘meme’ or an ‘Internet joke’.
Its popularity has been associated with the deliberate link to Elon Musk’s favorite crypto, Dogecoin, which made it go viral, attracting over a million holders and backed by a massive campaign community. Some call it the “Doge Killer”, saying it was created to kill the Dogecoin.
Conventionally, it's not easy to attribute a value or accurately predict the price for meme crypto coins like Shiba Inu since their growth is mostly linked to the amount of hype the project can stir up.
The Shiba Inu ecosystem comprises three tokens: Shiba Inu, Leash (LEASH), and Bone (BONE). Of the three, Shiba Inu is the most popular and prominent. It even has its decentralized exchange (DEX) known as ShibaSwap and the Shiba Incubator for non-fungible token (NFT) art.
The SHIB was one of the dominating meme currencies of 2021, especially after turning some investors into millionaires. It attracted attention after it spiked by 2,405 percent in three days to peak at $0.0000388 on May 10, 2021. This happened after Elon Musk’s sentiments about the DOGE on the Saturday Night Live TV show, when he referred to it as a ‘hustle’, prompting a sell-off.
The SHIB price quickly fell back and traded between $0.000006 and $0.000008 over the summer. Its price then soared to a high of $0.00008845 on October 28 after Musk tweeted a photo of his Shiba Inu puppy in a Tesla on October 4.
Its price retreated to $0.00003599 on November 26 but bounced back to $0.00005398 on November 30. The move was triggered after the token was listed on the Kraken cryptocurrency exchange on November 29 and online tech retailer Newegg announced that it would begin accepting Shiba Inu as a form of payment.
However, due to the bearish sentiment on the cryptocurrency markets which prevailed after Bitcoin hit an all-time high in November, Shiba Inu was unable to hold its ground. On December 31, the token was trading at just over $0.000033, rising to $0.000034 on January 2nd, 2022. It didn't hold steady for long and dropped to $0.000030 on January 7th. Since the beginning of February, Shiba Inu has been showing some gains and is currently trading at between $0.000030-$0.000035.
With the crypto market attempting to recover, Shiba Inu is currently in the 15th position in CoinMarketCap. Based on predictions from Wallet investors, SHIB may rise to $0.00064, an 814.29 percent increase. This means that if you invest $100 in SHIB tokens, it could be worth $914.26 by 2026.
The site predicted that the price of Shiba Inu could rise to $0.0000581 by the end of 2022 and surpass the previous record high to reach $0.0000918 by the end of 2023. By 2025, the SHIB tokens could trade at $0.000159 and could reach $0.000196 in five years, according to their data.
Prediction from DigitalCoin shows that the price will rise more slowly based on historical data, projecting that the token could average $0.0000416 in 2022 and $0.0000659 in 2025, and $0.000143 by 2030.
A forecast from PricePrediction was more bullish, predicting a rise in price from $0.0004645 in 2022 to $0.00015100 in 2025, averaging $0.001 by 2030.
The SHIB price prediction from Gov Capital suggests a price increase to $0.000112 by the end of 2022, reaching $0.000246 by 2023 and $0.000683 by 2025.
CoinPriceForecast says it expects the SHIB token price to remain in a relatively tight range over the long term, forecasting that the price could average $0.00016428 by 2025, up from $0.00010134 in 2023.
If you have your eyes on the Shiba Inu coin, it's important to realize that cryptocurrency markets are extremely volatile. Therefore, it's hard to accurately predict what the SHIB token price will be in a few hours, let alone in the coming months or years.
Based on that, analysts and algorithm-based forecasters can and do get their predictions wrong. So, before investing in any cryptocurrency, it's highly advisable to do your own thorough research, taking into consideration the current market trends, technical and fundamental analysis, news, and expert opinion.
More importantly, never invest in more than you can afford to lose.
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